"Let them go to speculation," said Zhao Xiongwu, senior manager of China Chang'an Group, who is on holiday on August 5, impatiently: "We have nothing to say about acquiring Volvo. We now have more important things to do." do."
Changan Automobile, which has a deeper relationship with Ford and Volvo, has always been on the lookout for Geely, BAIC and other companies participating in the bid for Volvo. The new force that has entered the four major automobile groups in China is deliberately understated, or otherwise. The map?
“Changan Automobile will not undertake major mergers and acquisitions at least in the next three months.†Zheng Changjiang, Director of the Public Relations Department of Changan Automobile, told the “China Business†reporter: “We currently have more production capacity at all bases in China. Expansion work."
After experiencing a series of rampant capacity expansions from June to July, Chang’an Group’s planned production capacity can already reach 2 million vehicles. Under such circumstances, it seems not easy for Changan Automobile to participate in Volvo's acquisition. Aijian Securities Longchun calculated a sum of money. Recently, Chang’an Automobile invested more than RMB 11 billion in a series of energy expansion projects and test track projects implemented throughout the country. Coupled with the ongoing B-share repurchases, Chang’an Automobile is facing financial pressure. Big.
In fact, as early as the 2008 financial crisis spread, executives of the Armed Services Group were clearly aware of the risk of acquiring Volvo. The relevant person once disclosed to the “China Business†reporter that the person in charge of the Corps Group had rejected the proposal submitted by the relevant department to acquire Volvo. “The biggest issue in the acquisition of Volvo is not capital, but Volvo’s potential debt and future risks. The question of cultural integration is also a great test."
An insider of the Bingzhuang Group stated: “If Chang’an wants to use real money to acquire Volvo, it will definitely affect other projects. Even if Volvo is no matter how good, China’s Chang’an Group will not dare to start easily.â€
However, abandoning the bid for Volvo does not mean giving up its cooperation with Volvo. In fact, the cooperation between Volvo and Changan Automobile is gradually deepening with the popularity of the S80.
In the first half of 2009, with the localization of Volvo's flagship model S80, it directly brought about 30% sales growth of all models of Volvo Cars in China. The Changan Auto is even more of a hit. During the Shanghai Auto Show, Xu Bin, general manager of the Military Equipment Group, personally came forward to negotiate with Volvo's top executives to promote the Volvo model in China.
Once S60 is made, Changan Automobile will master Volvo's full range of S models. The personage concerned analyzed that Chang’an Automobile is stronger through joint ventures. He has benefited a lot, so the significance of bidding is no longer so crucial.
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